Telephone: 01274 588 862 Email: info@php.co.uk
Group Critical Illness
Dealing with a critical illness such as cancer, heart disease or a stroke, is a reality that many individuals and companies have to deal with. Fortunately, the chances of surviving a critical illness are improving all the time, but survival creates its own challenges both to employers and employees.
Group Critical Illness insurance pays a tax-free lump sum directly to the individual or employer should they suffer from any of a list of defined medical conditions or have to undergo surgical procedures.
Cover tends to focus on the financial needs that can arise in such situations, allowing employees to get through their treatment and recovery. Employees are able to use the lump sum provided to help towards any expense they choose, which could include nursing care, financial commitments or treatment costs.
Under some circumstances, a lump sum will also be paid out should an employee become permanently disabled as a result of injury or illness.
Advantages of Group Critical Illness
For Employers:
- An excellent addition to your employee benefits package, helping you in recruiting and retaining the best staff.
- Helps minimise the pressure on the employer around how to provide financial support for those employees absent from work after suffering a critical illness.
- Premiums are usually allowable as a business expense and enjoy Corporation Tax relief so reducing the real cost (this depends on individual circumstances of each client).
For Employees:
- Financial security through a tax-free sum payment when they face a critical illness.
- Cover for their spouse and children.
- Ability to pay for private medical treatment.